asked the Minister for Finance if he will extend the number of years which the next-of-kin has to notify his Department regarding the death of the owner of prize bonds so that the bonds can be transferred to the beneficiaries; and if he will, at the start of each calendar year, issue advertisements on television and in the newspapers telling people of their obligation to notify his Department in view of the fact that a number of prize bonds have been taken up by the State because this regulation has not been complied with.
Written Answers. - Prize Bonds.
57.
Notification of the kind referred to by the Deputy as indeed all correspondence, should be addressed to the Manager, Prize Bonds Office, Bank of Ireland, 33/41 Mount Street Lower, Dublin 2.
Prize bonds are not transferable. On the death of the sole holder of a bond, repayment is made to his personal representative on application. Pending repayment, the bond is eligible for inclusion in draws, as if the holder were alive, for a period not exceeding 24 calendar months following the month in which the death occurred. I consider that this period provides sufficient time to dispose of a deceased bondholder's estate and that it is not necessary to extend it.
As regards a joint holding the bond automatically becomes the property of the survivor on the death of the other holder.
A bond in the name of a deceased holder falls to be taken up by the State only in the event of the holder dying intestate and there being no person entitled to his estate. This is governed by section 73 of the Succession Act, 1965.
As there is no time limit on the period in which claims for the repayment of the bond of a deceased holder or prizes drawn by such bond may be made, the advertising proposed by the Deputy is not considered necessary.